Major US Indices Forecast, August 24, 2017, Technical Analysis

S&P 500

The S&P 500 fell initially on Wednesday, breaking below the 2450 handle again. However, we are starting to see traders come back into the marketplace late in US trading, and it looks likely that the “buy on the dips” mentality continues. I think that the market will continue to be volatile because quite frankly the volume is low. However, it’s probably only a matter of time before we go looking towards the 2475 level again. I believe that the 2425 level underneath is massive support, and the bottom of the uptrend currently looks to be 2400 below… Read More

Dow Jones 30

The Dow Jones 30 pulled back a bit during the session on Wednesday, looking towards the 21,800 level for support. We bounced enough to show signs of resiliency though, and it looks like the buyers are returning later in the US session. Ultimately, I believe that the market should continue to find buyers on the dips. The 22,000 level above should be resistance, and I think we’re going to bang around over the next couple of sessions. The market is very thin at the moment because a lot of the major traders are away on vacation. However, it looks as if resiliency will continue to be the main theme… Read More

NASDAQ 100

The NASDAQ 100 fell a bit as well but is starting to find signs of life again near the 5840 handle. I think that the market should then go towards the 5900 level. The uptrend line on the weekly chart has held so far, so I think that there will be longer-term buyers interested in the NASDAQ 100. Most of the performing stocks in the United States right now are part of the NASDAQ 100, so that should continue to be the case going forward, that there will be buyers of dips when they appear… Read More